Corn futures are lower at midday, but trade has been choppy this morning. The market opened lower on ideas of active corn planting last week and weakness in crude oil futures. The market rallied as crude oil losses were trimmed and the stock market rallied, but futures then turned lower again. Open weather last week helped planting progress. Traders are looking for USDA to peg planting progress at 80%-85%, although that is still behind the 5-year average of 94%. July is 4 3/4 cents lower at $4.25 1/2 and December is 4 1/2 cents lower at $4.47 1/2.



Soybean futures are mixed at midsession. Old-crop contracts have turned higher on continued strong export demand, tight stocks and the rally in the stock market. New-crop is lower on ideas of good planting progress last week. Traders are looking for USDA to peg planting at 45%-50%, although that is down from the 5-year average of 67%. July is 3 1/2 cents higher at $11.69 1/2 while November is 1 1/2 cents lower at $10.30.



Wheat futures are trading mixed at midday. Fund buying helped the market rally from opening losses amid strength in the stock market and trimmed gains in the dollar. However, the CBOT has been pushed lower again by spillover weakness in corn. Spring wheat planting delays remain supportive. Traders are looking for spring wheat planting progress to be reported at 70%-75% complete compared to the 5-year average of 94%. CBOT July is 1 cent lower at $6.11 1/2, KCBT July is 3 3/4 cents higher at $6.64 1/4 and MGE July is 4 cents higher at $7.49.



Cattle futures are trading mostly lower at midsession. The Cattle on Feed report has had little effect on trade. Strength in the stock market has helped pull the nearby higher, but deferreds are mostly lower amid sliding boxed beef prices and concern about a lull in beef demand following the Memorial Day holiday. June is 18 cents higher at $82.70 while August is 18 cents lower at $83.60.



Lean hog futures are lower at midday. Weakness in the cash market and strength in the dollar are bearish factors. However, losses are being limited by the rally in the stock market. In the Cold Storage report on Friday, total pork stocks at the end of April were higher than the previous month, but were smaller than last year. June is 43 cents lower at $65.50 and August is 40 cents lower at $68.23.